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sessions despite no deal on the fiscal cliff. should you be buying or take to the sidelines? >>> also, will congress be able to reach a fiscal cliff deal that really cuts spending and the deficit? wooohooo....hahaahahaha! oh...there you go. wooohooo....hahaahahaha! i'm gonna stand up to her! no you're not. i know. you know ronny folks who save hundreds of dollars switching to geico sure are happy. how happy are they jimmy? happier than a witch in a broom factory. get happy. get geico. fifteen minutes could save you fifteen percent or more. try running four.ning a restaurant is hard, fortunately we've got ink. it gives us 5x the rewards on our internet, phone charges and cable, plus at office supply stores. rewards we put right back into our business. this is the only thing we've ever wanted to do and ink helps us do it. make your mark with ink from chase. >>> another busy news day. markets higher right now. we had the cease fire now announced between israel and hamas. if there isn't peace in washington on avoiding a fiscal cliff, will these gains go away in a hurry? >> joining us now,
with the fiscal cliff. as he proposed, no dealing with the fiscal cliff. next year, but dealing with it in the future, the far future. this is bizarre. lou: by the way, does the president have a role in all this? >> well, the president -- lou: in bernanke's mind. >> the president has been -- well, he certainly had something to do with obama's reelection. no question. quantitative easing, qe3, the aggressiveness of the federal reserve to pump up the money supply and attempt to keep the economy on an even keel helped obama and the election. lou: your outlook? fiscal cliff, yes or no? do we go over it? if so, the consequences. >> we do not come by but not for the good reasons which i have heard you analyze. very little movement on tax rates next year. very little movement on spending generally a slight decrease. lou: no movement, are using the bush tax cuts will be allowed to expire? >> no. what i'm saying is that the bush tax cuts, but for a slight modification will persist in 2013. spending reductions, which were made by the forced sequester will not be made in the amount suggest
holiday are it will have a pretty slim window to broker a deal on the fiscal cliff and indications from the opening round of negotiations, shocking, are don't bode well. let's bring in our political panel, "washington post" editorial editor ruth marcus and po pollster fred yang. welcome, team. >> morning. >> been around here a little bit this morning. i want to play what ben bernanke said about the fiscal cliff and get your reaction on the other side. >> continuing to push off difficult policy choices will only prolong and intensify these uncertainties. moreover, while the details of whatever agreement is reached to resolve the fiscal cliff are important, the economic confidence of market participants and the general public likely will be influenced by the extent to which our political system proves able to deliver a reasonable solution with a minimum of uncertainty and delay. >> ruth, the polls tell us the american people want to see congress work together on this. president obama says he wants to. john boehner says he wants to. there you have the titans of industry in new york with th
to reach a quick deal to avoid the fiscal cliff, saying it might mean next year could be "a very good one for the economy." ben bernanke didn't endorse any specific tax or spending policies to solve the fiscal cliff, but he urged lawmakers to think creatively. he said an agreement on ways to reduce long-term federal budget deficits could remove road blocks to growth. on the other hand, going over the cliff might mean a recession. on top of that, worries about a deal were already causing trouble. > uncertainty about how the fiscal cliff, the raising of the debt limit, and the longer-term budget situation will be addressed appears already to be affecting private spending and investment decisions, and may be contributing to an increased sense of caution in financial markets. >> susie: wall street and business leaders were pleased that bernanke was talking tough. and they said the fed's role in the fiscal cliff negotiations is to communicate. >> tell the world and the individuals in the political establishment that they have to help get their act together or we have a problem, and that notion
, worries about a deal were already causing trouble. >> uncertainty about how the fiscal cliff, the raising of the debt limit, and the longer-term budget situation will be addressed appears already to be affecting private spending and investment decisions, and may be contributing to an increased sense of caution in financial markets. >> susie: wall street and business leaders were pleased that bernanke was talking tough. and they said the fed's role in the fiscal cliff negotiations is to communicate. >> tell the world and the individuals in the political establishment that they have to help get their act together or we have a problem, and that notion of preaching from the pulpit that he has is very fundamental. >> susie: is there another role or more of a role for the fed? >> i think to be a cheerleader and to be on the sidelines telling the government they have to do what is right for the public. >> susie: as for what the fed can do if the u.s. heads into recession because of the fiscal cliff, bernanke says, not much. >> in the worse case scenario, where the economy goes off the broad fisc
round of talks over the fiscal cliff has left both sides, quote, pessimistic" about a deal. gm put an opener on the table that didn't really move the ball in either direction. how attuned is the market to that right now, given everything else going on? >> you know, i think that the market is really pretty confident that we're going to get some sort of deal that avoids a fiscal cliff. the reason for that's clear. you know, 2011 neither side really wanted a deal. the republicans already had their big ask, which was the extension of the bush tax cuts. president obama wasn't interested in a deal because he didn't have much leverage. that meant any deal would favor the republicans and alienate his core constituencies. you fast forward to now, look, all negotiations go through ups and downs, but the bottom line is that both sides need a deal. if the republicans push us off the fiscal cliff, they will be blamed for the subsequent recession and they'll pay the price in 2014. president obama also needs a deal because history doesn't remember who the speaker of the house was during a period
-called fiscal cliff. bernanke says without a new deal, the fiscal cliff could trigger a recession next year. the congress has to act by january 1st m order to avoid the -- in order to avoid the automatic tax hikes and spending cuts. >>> san francisco's board of supervisors has approved an ordinance they say will better track the bedbug problem. thesupporters of the ordinance say this will help chart direction of the bedbugs in the city. the san francisco health department received 370 complaints about bedbugs in 2010. >>> uc berkely out of thousands of dollars of computer equipment this morning after the latest burglary on campus. police say someone broke into a locked video lab in northgate hall sunday night and the suspect stole ten apple computers worth $23,000. >>> for two very special turkeys, this day before thanksgiving is a big day in washington, d.c. i understand stood everywhere those turkeys said. >> and there is a new twist to the white house turkey pardon for this year. >>> it's still two years from completion. but there is already a big sporting event locked in at the 49ers st
reserve chairman weighed in on the fiscal cliff, warning policymakers, do a deal. >> uncertainty about how the fiscal cliff, the raising of the at the time limit and longer-term budget situation will be addressed appears already to be affecting private spending and investment decisions and may be contributing to an increased sense of caution in financial markets with adverse effects on the economy. continuing to push off difficult policy choices will only prolong and intensify these uncertainties. >> he went on to say, if we do get a plan that solves the government budget issues without hurting the economic rovery, next year could be a good one. that is so many if it. >>> the investigation of the shooting at the sikh temple is concluded. the shooter, michael page, acted alone and did not have help. he had been linked to white supremacist groups, but the fbi found no evidence to conclude he had help or was acting under any directive from them. they also said the attack was not part of any ongoing threat to the sikh community. >>> defense secretary leon panetta talked about how the american
of these things? this is serious stuff. america is very concerned. we only have a fiscal cliff to deal with in the war in the middle east. but we need to put some standards there. we have done a piece of the company. 71 percent that we could never sell for profit. we can never sell for profit. we have to extendhe shelf life on these things. right now the shelf life is eternity. we have to bring debt do to three days because the government is involved now. we have to have all these conditions that will ensure. oh, my favorite, my favorite because we have to have respect for the american taxpayer and how often they have gone into their pocket and a swindle them. we will call this thing a sweet, not a twinkie. tom: out of these 3,000 people th have already signed, and i don't know why 18,000 haven't, but how many of them are serious, you think, and how many of them think this might be just as buffon government bailouts? >> listen. i hope to god it is, but in all seriousness there are stories about these 20 selling on ebay for a sstanantial amount of money. people like this stuff, and they
an agreement of tax increases and spending cuts in the so-called fiscal cliff. without a deal the fiscal cliff could trigger a recession next year and congress must act by january 1st in order to avoid that automatic tax increase and spending cuts. >>> time is 6:15. a new stumbling block for hillary clinton's chances to reach a middle east cease fire. a bus explosion in tel aviv. alison burns is live in our washington, d.c. newsroom. alison. >> reporter: dave, we received a statement from the white house within the past hour calling the attack on innocent civilians outrageous. israelis say it was a terrorist attack the bus bombing in tel aviv hurt at least 18 people. three seriously. hamas praised the attack but did not claim responsibility. secretary of state hillary clinton who is in egypt at this hour also issued a statement saying the u.s. strongly condemns the attack and ready to provide any assistance that israel requires. secretary clinton is is calling for a truth and longer term agreement. >> the goal must be a durable outcome that promotes regional -- >> reporter: prior to the bus b
with the exception of oil, which fell $2. fed chair ben bernanke is urging lawmakers to strike a deal on the fiscal cliff sooner rather than later, otherwise the nation will return to recession. the obama administartion formally proposed new rules on healthcare, including requiring coverage for pre-existing conditions and minimum health benefits for millions. and in earnings after hours, rallied on better-than-expected news, while the zale fell 10% as the company lost some shine on earnings. larry shover of sfg alternatives joins us now. those reports larry of cease-fire coming out of israel really rocked the oil market yesterday. what do you anticipate for today? > > i anticipate the trend to continue. keep in mind, before we had this cease-fire, a month ago, there was a big downward trend in the oil price. so i just expect that momentum to continue. refinery margins are really high, there is a lot of supply. i expect oil to continue to lower in price. > > what about greece? will we be able to get any closure there with the bailout money? > > i think the only way we are going to get
appreciate it very much. jon: we hear it a lot when it comes to talk about a deal on the fiscal cliff. the president can sit back and watch republicans shoot themselves in their feet. but maybe the president has more on the line than meets the eye. juan williams on fox how can president obama and his fellow democrats asked seniors and middle-class workers to accept major cuts in the safety net programs? that is the outcome they promised to stop the gop from executing. and how will the president explained why they predicted economic slowdown that could result from harsh automatic cuts in government spending? without a deal, the second term agenda will be lost in a sea of economic fear. and the man who wrote back, juan williams, he joins us now. bradley also joined us, a former deputy assistant george w. bush. you are saying that the popular notion that the president holds all the cards here in this economic negotiation, that notion is not necessarily correct? >> correct. it is a hidden story here. everyone expects after the election, republicans are on the ropes because the p
bernanke warning of dire consequences if we go flying over the fiscal cliff, bernanke says failure to make a deal could trigger another recession. he also says the fed does not have the tools needed to stop another downturn. and they're calling it the largest insider trading case ever. sec charging him with conspiracy to commit serious fraud. reporter made $276 million in illegal profits after receiving a tip from a doctor about a new alzheimer's drug. hewlett-packard's taking a dive today in a shocking report of fraud. we will have all the details here in just a moment. but first our top story tonight, the fighting between israel and hamas continues. senator said hillary clinton met with diplomatic leaders in egypt today to hp broker a cease-fire but that did nothing to stop more missiles being fired at israel and one israeli soldier has reportedly been killed, so how close is a ground war between israel and hamas in the gaza strip? david miller is live on the border, with its latest from there? >> there was late night diplomacy, but nothing significant change resolve the conflict. over m
to see common ground to deal with a fiscal cliff recession or trillion deficits as far as the eye can see? is the gop going to play a weak hand is that going to happen here? >> i would argue the republican house has as much power as the president. with solid majority that will continue for year to come because of redistricting and they were running a committed not just to stopping the tax increases to spending but voted for the ryan plan. it reforms entitlements and takes the tax rates to 25% and it is a co hern't ent package. obama wrote a budget that no democrat voted for, it was that silly. it claimed savings by not occupying iraq for the next 20 years. he won a mandate not to be romney. he did not win a mandate not to raise taxes and fix the economy. >> john boehner says we can cap deductions, probably produce $400 billion coming up pretty fast. no change in tax rates. so it is not a flat tax reform but no increase in marginal tax rates. can you and your pledge, with the pledge be okay with the bay nor plan to increase revenues by capping deductions? he has not endorsed raising taxes
, the fiscal cliff could trigger a recession next year. congress has to act by january 1st in order to avoid the automatic tax hikes and spending cuts. >>> secretary of state hillary clinton's efforts to help broke aerocease fire in the united states is fading -- breaker a cease fire in the united states is fading. >>> there are reports this hour that israelis are stepping up air strikes in gaza in retaliation for this bus explosion in tel aviv. israelis are calling it a terrorist attack that hurt at least 18 passengers anaphia bystanders. hamas praised the attack but did not claim responsibility. secretary of state hillary clinton who was in egypt just issued a statement saying the u.s. strongly condemns the attack and ready to provide assistance that israel requires. secretary clinton is calling for a cease fire but also trying to negotiate a longer term solution. >> the goal must be a durable outcome that promotes regional stability and advances the security and legitimate aspirations of israelis and palestinians alike. >> reporter: prior to the bus pomming, there were hopes -- bombing th
's the maker? >> i thought i had to deal with the fiscal cliff, but undressing. >> you will. it's got like a stripy thing going on. >>> let's get an outlook on the markets. right now we have daniel from tjm institute. we've been watching what happens with the futures every day. a lot of concerns about the fiscal cliff, is that the biggest issue driving things right now? >> the fiscal cliff is the driving issue right now. a little fear from europe. the market came off. that is in the background. as long as we're seeing things move forward, but not negative on the fiscal cliff, i think you'll see the market bounce against this 87 and 90 level. any hint of a compromise, yo ur goi you're going to break the 1,400 level. >> okay. 20 to 22 area. every time these talks come in, though, we know it's going to be a lot of turbulence between now and let's say the middle of december or some time, that'd be the earliest. are you following every single trade? are you thinking eventually there'll be a deal that gets done? >> i think eventually there will be a deal that gets done. and i kind of like the fa
means a new day and a new deal on the fiscal cliff. robert reich joins us coming up ahead. the first 1,000 days of human life can cause irreparable harm to our brains and our bodies. that's why "current" has partnered with "1,000 days" to help spread the word & combat a problem that ultimately effects all of us. to see how you can help go to current dot com. brought to you by the all new dodge dart. dodge - new rules. >> eliot: how does hp make a mistake this big and i mean big! our number of the day $8.8 billion! that's how much hp says it overpaid for british software company. last year, hp bought autonomy for $11.1 billion. today hp announced that oops,oomi is -- autonomy is worth a fraction of that. autonomy misrepresented its finances. but if hp got hoodwinked, how? how could they miss something they claim is that big. autonomy was audited by deloitte and it was audited by kpmg, two of the big four accounting firms. they didn't notice anything? really? this sale involved a list of banks and law firms on both sides of the
chairman ben bernanke is calling on washington to strike a deal averting the fiscal cliff. he said a failure to do so could cause heavier and financial costs than the debt debacle of last year. hogstess, they will go to mediation to try to resolve their differences and save 18,000 jobs. holidays apparently such a source of financial stress 45% of those surveyed said they would rather skip. 45% use layaway programs as way to handle the financial burden. log to to fox giving you the power to prosper. >> greta: obamacare may be the law of the land but that is not stopping many republican governors. they are still keeping up their fight. mary fanlon is not giving up the fight. the governor joins us. nice to see you? >> nice to see you. >> greta: tell me why don't you want to set up a stated exchange and defer to the default one? >> well, basically oklahoma said thanks but no thanks. we have a disagreement where the obama administration and the affordable healthcare act and in the state of oklahoma, they voted by a large margin, almost 65% we oppose many portions of the aff
copyright national cable satellite corp. 2012] >> and john allen options dealing with the fiscal cliff. from a forum hosted -- more now on options dealing with the fiscal cliff. peter ortzag and martin. >> thank you. sticking with us. if the politicians, solve the nation's fiscal problems, maybe the economists ken. we have some of them to join us. please grab a seat, a gentleman. we are talking about finding common ground on that tax reform. i am joined by peter ortzag. he is in charge of corporate and investment banking it. and donald, the director of the urban birding's tax policy center. the former acting director. we have three experts here to walk us through this minefield in see where there might be common ground. peter ortzag, let me start with you. the basic question of whether tax revenue has to be part of this to begin with and whether the two decides, whether there is more common ground than they think. >> i think tax revenue has to be part of the solution. both because of the underlying budget map. but because the election that was just held and the desire of at least the adminis
of the year. that's to avoid a fiscal cliff which may result in a significant reduction in defense spending. the fiscal cliff is a term used to illustrate drastic fiscal tightening if congress fails to reach an agreement by year's end. such a situation is feared to trigger a plunge in the economy. panetta warned that defense spending will be subject to drastic cuts if lawmakers failed to reach a consensus. >> the worst thing that could happen from my perspective is that they just kick the can down the road. all that would wind up doing is continuing to present a shadow over the defense department and for that matter, the rest of government. >> the defense department is already planning to reduce its budget by about $500 billion over the coming ten years. panetta has voiced concern that further cuts could undermine barack obama's new defense strategy that lays more emphasis on the asia pacific region. >>> japanese officials are scratching their heads about how to deal with sluggish trade. sales to foreign countries have plunged leaving japan in a trade deficit for the fourth straight month.
, today urged congress and the white house to strike a deal to keep us from plunging off the fiscal cliff. he says a compromise would prevent sudden and severe shock to our economy. if the two sides do not reach a deal, we know exactly what's going to happen. after new year's day, tax cuts expire for everybody. and deep automatic spending cuts take effect. economists say that could send us right into another recession. mike emmanuel live on capitol hill. hello, mike. >> shep, congressional sources say talks have been business like and productive and almost everybody realizes they're going to have to give a little to get this done. several senators mentioned entitlement reform when i asked about where to cut. >> reform doesn't mean you throw these programs out. you run them more efficiently. you look at the fraud or waste and abuse that's been identified and then you come into the revenue picture. you know. people will call me and say, we need to trim this program. good with me, but the problem is it doesn't generate the difference that you need to make here. >> nebraska senators calling f
are not shopping because they worried about the fiscal cliff, is this true? >>guest: they say they will change their habits. even if there is a deal goldman sachs saying consumers will be impacted but it is the thought of the so-called fiscal cliff that has consumers spooked. a study says half of u.s. adults say the impending cliff will impact their holiday shopping plans in some sort of way, and 18 percent of respondents say the fiscal cliff will have a large impact on their overall holiday spending this year. now, that being said, the sacrifices consumers will make over the holidays go far beyond the mall, we are talking about the sluggish economy, having an impact on other sacrifices that americans are making, their vacations, they have relied on relatives for air fare to get home and scoured the remember for travel deals to ensure they can get to grandma's house, with the slow committee forcing airlines struggling to save on jet fuel and other expenses to cut the number of flights they are putting out in the air leading up to a number of air fare jumps, and, for the millions of americans h
the fiscal cliff. speaking to the economic club of new york, bed bernanke urged lawmakers to reach a deal to avoid the automatic spending cuts and tax increases. bernanke said going over the cliff would pose a substantial threat to the economy. >>> hewlett-packard stunned the markets after alleging an accounting scandal at its british software unit would cost the company $8 billion. hp stock plummeted 12% on tuesday. then there's the fate of the twinkie. it's not looking good. >> oh, no. >> hostess brands will proceed with a plan to go out of business after last-minute talks with striking workers broke down yesterday. the company and bakers union had entered mediation in an effort to try to save over 18,000 jobs. >>> president obama is calling on congress to follow the example set by former u.s. senator warren rudman of new hampshire who called for bipartisanship during his time in washington. he passed away on monday from complications from lymphoma. he warned against large federal deficits and was a fierce critic of the reagan administration in the 1980s iran-contra affair. >> the ameri
to deal with the so-called fiscal cliff right now. it will be resolved and i think the climate is right for immigration reform. he's going to have six months where he's going to do real business for congress. if they stimy him and they haven't seemed to evolve out of the whooping that just took place, the president is going to have to use executive power and authority. on an issue like climate there are many cases to be made that an executive doesn't need to work with congress because it's a national security. how many more record wildfires burning colorado he a new mek co-do we need? he's going to be able to lead regardless of whether congress wants to deal with him. let's hope that congressman boehner and others will get on the page of the president. >> douglas brinkley, thank you for your time tonight and a happy thanksgiving to you. >> back at you. >> coming up next, a "politicsnation" first. i had a dream. actually, it was more like a nightmare. you'll see it. try running four.ning a restaurant is hard, fortunately we've got ink. it gives us 5x the rewards on our internet, phone ch
are working on, no progress on the fiscal cliff either. congressional leaders are taking a holiday breaks from the talks, but staff members have not been encouraged by their early huddles. let me bring in politico's deputy white house editor and joanne green, managing editor of the brie owe and msnbc contributor. good morning. >> good morning. >> we'll get to the situation in the middle east in just a minute. i want to start with the fiscal cliff and politico's front page today. "rough start for fiscal cliff talks." looked like everything was going really well after that first meeting. now that the dealing is really getting under way, the sources tell politico neither side seems actually all that serious. what's going on here? >> our reporting shows that despite the politics of the seeming to suggest that a deal should be struck and despite the meeting that happened with the congressional leaders at the white house last week that had everybody walk out of it and use the word constructive and talk about how nice the meeting was, when they've gotten down to brass tacks and what would have to be
the fiscal cliff is four days away. what are we to overcome a good deal to avoid it seems taxes are going up. i thought the tea party would save us. wasn't that their rally cry in the first place? to him i is and co-author of the book. why deprive of our public depends on our honor. are you guys going to stop this somehow? >> i think it is something the tea party has put massive amounts of energy into it if you think about it, the democrats fight the republicans, republicans fight the democrats, the tea party has to fight on both fronts. it requires extra amount of strategy and foresight and vision remembering the tea party is really only four years old but has regrouped. the tea party is very committed to getting involved in infiltrating the g.o.p. on the local level, that is all still happening very actively. melissa: it sounds like i'm about to be taxed to death. i could go to bermuda, but that is about it. other than that, it is going to happen. >> some things will happen, but i do think the tea party people who have been elected and have some degree of leverage in this whole situation n
guess, that led investors to believe there was optimism we will get a deal done on this fiscal cliff. now they've left town. what do you think happens? >> i don't understand why there's not a sense of urgency. i agree with mario. i don't know that people appreciate the fact what cliff means. remember sundance kid, butch ka cassidy, when they jump over the cliff and they fell? the taxes are going to go up. interest rates are going to go up. nobody will be able to borrow any money. you can't buy a house. you're not going to be able to do anything that you want to do that you do today. as a result, that's what the cliff means. so if the government doesn't fix this issue and come together and get sane, then the bond markets are going to do it. what's a ten-year treasury now? 1.6 or something like that? it will go to 7%. buying a house will cost 10. it will cost 13 to do other things. you just won't be able to operate. >> you think this is going to be a market disruption, if, in fact, we go over the fiscal cliff? >> absolutely. i don't think people appreciate the fact when you say cliff t
the impact of the so-called fiscal cliff. if there is no deal by january 1st there will be tax hikes and spending cuts will rest on those in congress to get the job done. >> the defense department immigration and customs enforcement and transportation should. ministration have all decided to go with i phones. they are switching because black berries have been failing to much during important times. one-third of u.s. consumers are thinking about buying electronic tablets this out of a season. according to a new poll a 22 percent of those who want one of the devices said it plans to cut back on their holiday purchases in order to afford that. apple remains the leader with 25 some people surveyed san there tablets of choice. 16 say they will buy amazons kindle fire. another 1571 a samsung galaxy device. on the 8% named the new ipad mini as the first choice. >> the celebrity that is constantly twisting and updating facebook cannot be who you think is they may be getting help from a new startup. companies like the audience help busy celebrities boost their fan base on social media. the au
that is a reason why if there is no deal there could be tax hikes and spending cuts of that-fiscal cliff. >> h-p has fourth quarter losses. the tech giant saying that the tech giant says it's written down $8.8 billion of the value, autonomy.. h p paid of $11 billion for the company last year it said the company discovered is had misrepresented its finances. h-p stock has lost the building permits, hit a four year high last month with building started on an annual pace of 894,000 homes in october. sports, coming up next with tedford.. out. look at you guys with your fancy-schmancy u-verse high speed internet. you know, in my day you couldn't just start streaming six ways to sunday. you'd get knocked off. and sometimes, it took a minute to download a song. that's sixty seconds, for crying out loud. we know how long a minute is! sitting, waiting for an album to download. i still have back problems. you're only 14 and a half. he doesn't have back problems. you kids have got it too good if you ask me. [ male announcer ] now u-verse high speed internet has more speed options, reliability and ways to
the cliff and stay over the cliff. if we're able to hammer out a deal, even if that deal isn't completely stamped and approved on january 1st, there is the possibility of a very temporary trip over the fiscal slope, if you will, and then a reversal. but if we go over the cliff and stay over the cliff i'm pretty sure we'd be looking at recession. >> what about the impact on world markets and money markets in new york, et cetera, et cetera, what would it do about the confidence of the united states' ability to deal with fiscal matters, if we go over the cliff in any way? >> yes. if you look at those markets today you'll see they're pricing in a solution. that's why treasury bills have a yield of 1.6%, historical low. if those markets believed, as i described it, a deal was in the offing just wasn't signed on january 1st we'd be okay with a temporary trip over the cliff, which i think would be a terrible outcome but would be better than a total can kick. if we go over and stay over, markets will punish us. >> let me with-g with joan. when you look at these numbers and the decision -- let's s
about the fiscal cliff. fed chair ben bernanke urged lawmakers to reach a deal to avoid the automatic spending cuts and tax increases. bernanke said going over the fiscal cliff would pose a substantial threat to the economy. according to a new study the fiscal cliff could give 98% of americans higher tax bills, the bush tax breaks along with some by president obama would both end. as a result the working poor would be among the hardest hit. a tax policy center analysis showed a married couple making about $30,000 a year would on average go from receiving a $15 tax credit to owing $1,400. >> wow. >> yeah. that's probably a reason to try and get something done. >> maybe we will. maybe we will. >> you would think. >> or maybe we could think about 2016. >> we could do that as well. how are you doing, willie? >> i'm doing well. >> two weeks after the -- >> thanks for stopping by. >> i'm doing well. >> you know, just two weeks after the longest, most expensive and exhausting election in u.s. history troubled eyes are turning to 2016 as speculation begins over the next batch of candidates th
investing. risk includes possible loss of principal. gerri: with all the talk of the looming fiscal cliff, you would think congress would be hard at work in d.c. negotiating a deal. you would be wrong. they're on thanksgiving recess. if not for the country is facing a nancial disaster or anything. oh wait, we really are. joining me n, doug holtz-eakin. former cbo director under president george w. bush. always a pleasure to have you on the show. today the federal reserve chairman ben bernanke warned congress, said look, i can't help you out if you go over the fiscal cliff, there is nothing the federal reserve can really do at this point. do you think congress realizes, understands the stakes here? >> i hope they do, this is a clear and present danger to the u.s. economy and it is not just what happens if we go over the fiscal cliff, it is actually affecting the economy right now. a big drag of business confidence, businesses are already t doing very well, negative investment, really cannot afford to make the situation any worse and we have heard some members of congress talk about going o
is in case washington doesn't reach a deal in the so-called fiscal cliff? >> exactly. let me start with explaining exactly what a dividend is. if you own shares the dividend is this chunk of cash paid back to you. typically, you get it every quarter. walmart, it was going to pay its next dividend january 2nd. because we don't know what's going to happen with the fiscal cliff, the expectation is that taxes are going to shoot out, walmart will pay out this dividend early so shareholders can record that payout this year when dividends top out at 15% compared to next year when the rate is expected to jump to 40% if there is no deal reached on the fiscal shift. they say it's in the best interest of its shareholders. true, it's also in the best interest of the founders, the walton company. >> walmart isn't the only company moving uch the dap the right? >> right. more than 100 companies will be issuing these special dividends in the fourth quarter. more than triple have done this in recent years. one called hot topic, the other the buckle. they're moving up their dividend payouts to this
continuing to take down for congress and president obama to make a deal to avoid going over the fiscal cliff. 40 days. our next guest says everyone should be preparing. no matter what changes are coming in 2013, well manager and president and founder joins me now. let's talk about this. i am sure many of your clients are coming in to you right now and saying we have got to do something, what we going to do? what do you tell them? >> absolutely. everybody wants to know what do we do and what is going to happen? if they don't come to an agreement we will all feel this. right there. [talking over each other] >> it is just a kleenex. the reality is when my clients come and i want to share with them a couple things we can control in our lives the coming weekend. taxes and that we are not going to control so let's look at the positives and control what we can control. if we have positives in the portfolio and gains i tell my clients to harvest those gains. if you doing many rebalance, some of my clients want to go on trips to italy, i am going to harvest that $10,000 and put it aside and a 15% on
of people who are not here, are worried about what would happen if we went over the fiscal cliff. the combination of higher taxes and spending cuts are estimated to take 4% out of a relatively weak gdp. even if we do not and some deal is struck, the combination of eliminating the payroll tax reduction, which seems to be something the administration supports, that, together with some base broadening, would probably be at least 2% of gdp. if there is going to be a deal, it would involve spending cuts as well. even if we avoid going over the cliff, it looks like there will be substantial fiscal contraction mary impact next year. in that environment, what can the fed do to try to offset that to make sure that it does not take us to the edge of ore over the edge of a recession and there we wil? >> we will see what deal comes out. but you are correct that even if the most extreme scenarios are avoided, some plausible scenarios still involved relatively contractionary fiscal policies over all. i made that point in my remarks when i said that under most plausible scenarios, no matter wha
with the fiscal cliff in a way that makes sense, whether they pass in immigration bill that makes sense for the country, those would be good signs. >> what was your immediate thinking about paul ryan and where did you end up thinking? >> my immediate was i cannot believe they're going to do this. just -- i -- axelrod always thought it was going to be paul ryan. >> he did not. he thought it was going to be tim pawlenty. >> ax looked at me and said they are going to pick paul ryan. at the time i thought to myself, they're going to spend a lot of time on defense on medicare, medicaid, all whole bunch of issues. >> they were not divisive issues. >> did you see how close florida was? i think they spent some time defending it. we obviously thought it was important. we air anded several labs -- aired several ads. i thought he added some youth and energy. they had a base concerns and he helped those. so i am not criticizing the pick i just think there were other -- >> you are. >> i was giving an assessment of the good and bad. >> was the helpful? he gave them excitement. he bought them silence
the fiscal cliff? take your portfolio global. he is back after the break with his best money-making ideas. [ male announcer ] this is the age of knowing what you're made of. why let erectile dysfunction get in your way? talk to your doctor about viagra. ask if your heart is healthy enough for sex. do not take viagra if you take nitrates for chest pain; it may cause an unsafe drop in blood pressure. side effects include headache, flushing, upset stomach, and abnormal vision. to avoid long-term injury, seek immediate medical help for an erection lasting more than four hours. stop taking viagra and call your doctor right away if you experience a sudden decrease or loss in vision or hearing. this is the age of taking action. viagra. talk to your doctor. cheryl: here is your fox business market check. the worst performing sector by far today, utilities. of the 31 utility stocks in the s&p 500 only one stock is higher today. among the laggers, duke energy, it is an international, public services and northeast utilities. there is the group for you right there. a lot of red arrows. nicole petalli
to divert the so-called fiscal cliff. robert greifeld speaking at the brookings institution in washington on monday. last friday% obama met to discuss a plan for avoiding the fiscal cliff. [inaudible conversations] >> good afternoon. my name is glenn hutchins. a vice-chairman networking spirit of i'd like to welcome everybody here today. congressman oxley, great pleasure to see you. i've got to cut our remarks on sarbanes-oxley now. it is my great pleasure to welcome my colleague and friend, bob greifeld, cto of nasdaq to brookings. there's no doubt he's a successful business executive under his two valued brookings has increased by a factor of four. six dollars per share to $25 per share. gone up to 1.7 million. cash from 800 million major and is taken over the niche market in the united states and made it one of the most important global markets. 10 clearinghouses around the world. that is the facts. those are very straightforward and he is a track record to be proud of. the market he is built, however, is the reason why we've asked them to be here today. the nasdaq stock market list 32
that is productive and happy. >> and back at you all. >> thank you. >>> who do you trust more on the fiscal cliff? ben bernanke or rush limbaugh. rush thinks he holds some cards in the looming negotiations. can congress cut out the middlemen, the drama and make a deal? we will discuss next on "now." look, if you have copd like me, you know it can be hard to breathe, and how that feels. copd includes chronic bronchitis and emphysema. spiriva helps control my copd symptoms by keeping my airways open for 24 hours. plus, it reduces copd flare-ups. spiriva is the only once-daily inhaled copd maintenance treatment that does both. spiriva handihaler tiotropium bromide inhalation powder does not replace fast-acting inhalers for sudden symptoms. tell your doctor if you have kidney problems, glaucoma, trouble urinating, or an enlarged prostate. these may worsen with spiriva. discuss all medicines you take, even eye drops. stop taking spiriva and seek immediate medical help if your breathing suddenly worsens, your throat or tongue swells, you get hives, vision changes or eye pain, or problems passing urine.
if the so-called fiscal cliff happens, taxes go up for everybody. then you have a conversation about -- not about raising taxes, but then about cutting taxes. they will have already gone up. the question is whether the president has a great deal more leverage. he basically then is able to say it's because the republicans were too stuck that they went up in in the first place. so there is an argument for actually -- because the cliff isn't an actual cliff. because nothing will happen the day after that is catastrophic there's an argument for actually maybe letting this happen. the president gets even more leverage. >> there's talk about trying to do two things in two phases protect the middle class and let the rest of the stuff go over the cliff for maximum pressure. john dickerson, thank you. >>> slowing down air travelers across the country. nearly 100 flights were canceled this morning at chicago's main airport, o'hare and midway. more than 400 other flights were delayed for an average of 90 minutes. both airports support near zero visibility and they warned that
-called fiscal cliff means in hard numbers. 158million americans would be affected. there would be an average tax increase of $3,500 per household, and 88% of households will see taxes rise, 88%. kansas republican is on the house budget committee and he joins us for more. thanks for joining us first of all. >> good morning. heather: going over the cliff it will affect different households in different ways depending on income, marital status, number of children, and other things. i want to start with tpwh-bg level. low-income households will be hit the hardest. why? >> well, there are many credits that were in the bush obama tax cuts, those expire and it will impact literally as you mention tens of millions are americans are going to be impacted. what we hear out of the white house, it's mainly top income earners but that is far from the facts. this will have a devastating impact for many people. for the holiday season it could be a devastating blow to the economy as well. heather: something else i found interesting when i was looking through the stats, a married couple making between 20 to 30,00
own fiscal cliff negotiation session. which three programs that now can possibly be cut absolutely must be walled off from being cut if these investments are to be maintained and not hurt the country in the future. i will put it in this context people don't realize this, the entire budget in the u.s. to put a vacation is less than 2% of the whole federal budget so cutting education has no impact on the deficit because it is so tiny to begin with you could eliminate the entire u.s. department of education and would go from 1.3 trillion to 1.2 trillion. it's not meant to have an impact. second, it is shortsighted and it's into harmless in the long term because the higher level of education people have the more money they earn on average and the more they pay in taxes and the less likely they are to be employed or to be getting food stamps or other social services, so it helps not just those people was people but it helps the economy and the government and competitiveness, so i would argue and we've already had in the last two years the congress eliminated funding so you can say some
the fiscal cliff issues and to talk about this very issue. right now it is important for us to work with a set of principles and i think nobody wants to lock themselves in because you have to have some flexibility. it is a deal. it is not a mandate to dictate an outcome. so i would say as long as the principles of the deal are to protect the most vulnerable, to protect the poor and to get the best deal that will do that, there's a lot of folks who are just there to say, we have to make sure that is happening. right now one of the things we talked about was there's no reason why they couldn't come to a deal and not raising taxes on 90% of folks right now we know those tax cuts will expire. when i protect those folks now? right now these deals are about timing and what kind of flexibility you have in the margin. what i would say it does it make sense for any of us to weigh in with absolutes. do you ask me what program is an essential program and i say to you medicaid. i was cited the president agreed. he wouldn't touch it, but i do know he understands fundamentally how core and settle
an answer to this before we go over the fiscal cliff, they're not responding to the will of the people. they will be voted out. there's no doubt. if we have some very lovely and caring republicans that are very conservative and we love them, but we will vote them out if they don't fix this. we are holding them responsible as we are holding the democrats. host: thanks for the call. we will continue discussing the fiscal cliff and taking your calls. we want to point out some other news going on in the world. here's the front page of the boston globe this morning -- clinton was dispatched by president obama to israel and is meeting today with egyptian officials and palestinian officials as well. the headline from the tribune -- late tuesday night clinton met with benjamin netanyahu in jerusalem and plans to go to the west bank on wednesday. clinton is preparing to step down early next year. one story this morning, some breaking news from jerusalem. this is according to a dap. really rescue services said there have been explosions on a bus across the military headquarters in tel aviv. the
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